Management Cease Trade Order Status Update

November 15, 2017 - Cabo Drilling Corp. (TSX-V: CBE) (“Cabo” or the “Company”) is providing this bi-weekly update on the on the status of a management cease trade order granted on October 31, 2017 (the "MCTO") by its principal regulator, the British Columbia Securities Commission (the "BCSC"), under National Policy 12-203 - Management Cease Trade Order ("NP 12-203"). On October 31, 2017, the Company announced that, for reasons disclosed in its news release, there would be a delay in the filing of its audited annual financial statements, management discussion and analysis (MD&A) and CEO and CFO certificates for the year ended June 30, 2017 (the “Required Annual Filings”) beyond October 30, 2017 (the "Default Announcement"). The Company now anticipates filing the Required Annual Filings on or before November 17, 2017.

The Company advises that: (i) there have been no material changes to the information contained in the Company's October 31, 2017 news release; (ii) it intends to continue to comply with the alternative information guidelines of NP 12-203; and (iii) except as previously disclosed, there are no subsequent specified defaults (actual or anticipated) within the meaning of NP 12-203.

The MCTO will remain in effect until the Company is no longer in default with respect to its filing requirements and the BCSC lifts the cease trade order.

About Cabo Drilling Corp. (TSX-V: CBE)

Cabo Drilling Corp. is a drilling services company headquartered in New Westminster, British Columbia, Canada. The Company provides mining specialty drilling services through its divisions in Kirkland Lake, Ontario, Canada, with branches in Surrey, British Columbia and Springdale, Newfoundland; as well as Cabo Drilling (America); Cabo Drilling (Panama) Corp.; Balkan States Drilling SH.P.K. of Tirana, Albania; and Cabo Drilling (International) Inc. The Company’s common shares trade on the Frankfurt Exchange under the symbol: DHL and on the TSX Venture Exchange under the symbol: CBE

ON BEHALF OF THE BOARD

John A. Versfelt
President and CEO

Further information about the Company can be found on the Cabo Drilling website (http://www.cabo.ca) and SEDAR (www.sedar.com) or by contacting Mr. John A. Versfelt, Chairman, President & CEO of the Company at 604-527-4201.

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The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs and other business transactions. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.